Russia Restricts Non-Professionals From Buying Foreign Stablecoins

Russia's government has added new restrictions to its crypto regulatory bill, proposing to ban non-professional investors from purchasing foreign stablecoins. This move is part of a broader effort to regulate digital assets in the country.

The bill categorizes stablecoins backed by collateral as 'non-delivery foreign digital instruments,' which will be restricted for unqualified investors. Qualified investors, however, will still be allowed to purchase these foreign digital instruments. The Russian Central Bank has also introduced a draft framework for stablecoin regulation, requiring transactions to be completed via exchanges or legal exchange points.

Russian Central Bank Governor Nabiullina stated her cautious stance toward foreign stablecoins, as issuers can freeze user assets. This move is seen as a way to protect investors from potential risks associated with these digital instruments.